- At the time of writing, ETH’s orderbook imbalance was at 70%
- Ethereum may be set to hit new highs on the charts
Ethereum’s [ETH] price action has been a hot topic following its failure to hit a new all-time high (ATH) in 2024. This, despite the fact that Bitcoin hit its own ATH in March.
As expected, this has led to concerns that ETH may be losing momentum. Even so, recent developments in the ETH/USDT pair are providing hope for Ethereum enthusiasts.
In fact, data from Hyblock Capital revealed a significant orderbook imbalance of 70% for ETH at a 1-2% depth. Historically, when ETH experiences a similar 70% bid imbalance, the price marks a bottom and began to rise.
The current bid imbalance means that ETH could see a repeat of this upward price trend.
Source: Hyblock Capital
Ethereum in an ascending triangle
Ethereum, at the time of writing, was forming an ascending triangle on the weekly timeframe, with its price respecting the 200-moving average.
This consolidation pattern supports a bullish case for ETH, as ascending triangles typically lead to price breakouts.
The 70% bid imbalance further reinforces the possibility of an upward move on the charts.
Source: TradingView
Consolidation phases usually precede significant price movements. In this case, a breakout could push ETH to much higher levels.
Weekly RSI heatmap
The weekly Relative Strength Index (RSI) heatmap indicated that at press time, many cryptocurrencies were in the weak or neutral zone, with an average RSI of 40.22%.
This means that the market is transitioning from an oversold condition right now.
Source: Coinglass
As the RSI approaches more neutral levels, it might point to a potential upward movement for ETH. Especially with the 70% bid imbalance indicating a possible bottom. This would align with expectations of a price surge on the charts.
ETH-based protocols booming…
Vitalik Buterin, Ethereum’s co-founder, recently announced his intention to donate his Layer 2 (L2) and project tokens to support public goods within the ETH ecosystem and charitable causes.
This move strengthens Ethereum’s long-term outlook too.
Additionally, while some traders are wondering if Solana might push ahead in the decentralized finance (DeFi) sector, Ethereum remains dominant. In fact, analysts at Kaito AI confirmed that Ethereum still holds a majority of the mindshare in DeFi.
Source: KaitoAI
Aave, one of the largest DeFi platforms, operates on ETH, along with other key protocols like Pendle and Lido. These platforms are likely to drive further adoption of ETH and support its price moving higher.
Ethereum ETF cumulative flows
However, there is one area of concern – Cumulative flows for Ethereum-based ETFs have hit an all-time low. The net flows in ETH ETFs are currently negative, with a reading of $562.3 million.
While the existence of an ETF is positive for Ethereum, the lack of demand poses a risk.
Source: X
If demand does not increase, some ETF issuers may be forced to close their products.
Nonetheless, owing to the ongoing developments in the Ethereum ecosystem, a price turnaround could be on the horizon.
- At the time of writing, ETH’s orderbook imbalance was at 70%
- Ethereum may be set to hit new highs on the charts
Ethereum’s [ETH] price action has been a hot topic following its failure to hit a new all-time high (ATH) in 2024. This, despite the fact that Bitcoin hit its own ATH in March.
As expected, this has led to concerns that ETH may be losing momentum. Even so, recent developments in the ETH/USDT pair are providing hope for Ethereum enthusiasts.
In fact, data from Hyblock Capital revealed a significant orderbook imbalance of 70% for ETH at a 1-2% depth. Historically, when ETH experiences a similar 70% bid imbalance, the price marks a bottom and began to rise.
The current bid imbalance means that ETH could see a repeat of this upward price trend.
Source: Hyblock Capital
Ethereum in an ascending triangle
Ethereum, at the time of writing, was forming an ascending triangle on the weekly timeframe, with its price respecting the 200-moving average.
This consolidation pattern supports a bullish case for ETH, as ascending triangles typically lead to price breakouts.
The 70% bid imbalance further reinforces the possibility of an upward move on the charts.
Source: TradingView
Consolidation phases usually precede significant price movements. In this case, a breakout could push ETH to much higher levels.
Weekly RSI heatmap
The weekly Relative Strength Index (RSI) heatmap indicated that at press time, many cryptocurrencies were in the weak or neutral zone, with an average RSI of 40.22%.
This means that the market is transitioning from an oversold condition right now.
Source: Coinglass
As the RSI approaches more neutral levels, it might point to a potential upward movement for ETH. Especially with the 70% bid imbalance indicating a possible bottom. This would align with expectations of a price surge on the charts.
ETH-based protocols booming…
Vitalik Buterin, Ethereum’s co-founder, recently announced his intention to donate his Layer 2 (L2) and project tokens to support public goods within the ETH ecosystem and charitable causes.
This move strengthens Ethereum’s long-term outlook too.
Additionally, while some traders are wondering if Solana might push ahead in the decentralized finance (DeFi) sector, Ethereum remains dominant. In fact, analysts at Kaito AI confirmed that Ethereum still holds a majority of the mindshare in DeFi.
Source: KaitoAI
Aave, one of the largest DeFi platforms, operates on ETH, along with other key protocols like Pendle and Lido. These platforms are likely to drive further adoption of ETH and support its price moving higher.
Ethereum ETF cumulative flows
However, there is one area of concern – Cumulative flows for Ethereum-based ETFs have hit an all-time low. The net flows in ETH ETFs are currently negative, with a reading of $562.3 million.
While the existence of an ETF is positive for Ethereum, the lack of demand poses a risk.
Source: X
If demand does not increase, some ETF issuers may be forced to close their products.
Nonetheless, owing to the ongoing developments in the Ethereum ecosystem, a price turnaround could be on the horizon.
can i buy cheap clomiphene price how to get cheap clomiphene price get cheap clomid without insurance cost clomiphene online where to buy cheap clomiphene price cost of generic clomiphene for sale clomiphene tablete
With thanks. Loads of knowledge!
The thoroughness in this break down is noteworthy.
azithromycin 500mg price – zithromax 250mg price purchase flagyl online cheap
rybelsus 14mg us – rybelsus 14mg brand order periactin
order generic motilium – buy flexeril 15mg purchase flexeril generic
buy esomeprazole 40mg without prescription – anexamate nexium online buy
order meloxicam online – https://moboxsin.com/ cheap mobic
deltasone 10mg generic – aprep lson order deltasone 20mg without prescription
buy erectile dysfunction medicine – free ed pills best ed pills
purchase amoxicillin without prescription – buy generic amoxil amoxicillin medication
buy generic forcan for sale – https://gpdifluca.com/# order forcan sale
oral escitalopram – https://escitapro.com/ order lexapro generic
cenforce 50mg pill – https://cenforcers.com/# buy cenforce without a prescription
cialis free trial canada – on this site buy cialis generic online 10 mg
cialis 5mg how long does it take to work – cialis online no prescription what happens when you mix cialis with grapefruit?
buy ranitidine 150mg generic – cost zantac buy generic ranitidine online
sildenafil 100 mg precio – order generic viagra uk 100 mg viagra pills
Thanks on putting this up. It’s understandably done. este sitio
I’ll certainly return to review more. gabapentin 800mg uk
This is the kind of criticism I rightly appreciate. https://ursxdol.com/sildenafil-50-mg-in/
More content pieces like this would create the web better. https://prohnrg.com/product/acyclovir-pills/
I’ll certainly bring back to review more. https://aranitidine.com/fr/clenbuterol/
Thanks on putting this up. It’s well done.
https://doxycyclinege.com/pro/warfarin/
More posts like this would prosper the blogosphere more useful. https://myvisualdatabase.com/forum/profile.php?id=118015
forxiga 10 mg generic – https://janozin.com/ dapagliflozin 10 mg over the counter